China Pacific Insurance Company (601601) H2 2024 earnings summary

Executive summary

• Operating income reached RMB 404.1 billion in 2024, up 24.7% year-over-year, with net profit attributable to shareholders rising 64.9% to RMB 44.96 billion and group OPAT up 2.5% to RMB 34.4 billion.

• Group embedded value increased 6.2% to RMB 562.1 billion, and assets under management grew 21.2% to RMB 3,542.7 billion.

• Customer base expanded to 183 million, with positive growth in high-value customer segments and strategic accounts.

• Maintained strong solvency positions, with comprehensive solvency margin ratio at 210% for the group and 214% for CPIC Life.

• Dividend per share proposed at RMB 1.08, up 5.9%, pending SGM approval.

Financial highlights

• Life insurance net profit surged 83.4% to RMB 35.8 billion, driven by a 174% increase in total investment income.

• P&C insurance net profit rose 12.2% to RMB 7.4 billion, with primary premium income up 6.8% to RMB 201.2 billion.

• Net investment income totaled RMB 82.8 billion, up 6.5%, with a net investment yield of 3.8%.

• Total investment income surged 130% to RMB 120.4 billion, with a total investment yield of 5.6%.

• Adjusted net worth rose 19.8% to RMB 349 billion.

Outlook and guidance

• Focus for 2025 includes customer-centricity, product innovation, CRM, ALM, and risk management.

• Aims to build a top-tier insurance financial group with global influence, focusing on CRM, ALM, synergy, and risk management.

• Asset allocation will emphasize long-term fixed assets and high-dividend stocks, with flexibility to capture structural opportunities.

• Continued emphasis on high-quality growth, digital transformation, and internationalization.

• Will continue to support national strategies, strengthen market position, and consolidate high-quality development.